It seems that Uphold is very keen on using the investment amount of $57.5 million that it recently obtained from its funding round, since it has just acquired Cortex MCP, a secure mobile payments processor, as part of its expansion plans.
Uphold aims to utilize Cortex MCP’s mobile payment platform, using its existing wallet technology to build upon it and enhance it further for its own customers, so that it could provide safe, secure, and fast wallet services to the users of its cryptocurrency exchange platform.
As part of the acquisition, the cryptocurrency exchange will also own Cortex’s patent portfolio, an ability which will allow it to start working on new IP solutions that would focus on its own services ranging from verification to other blockchain-specific functions.
This would all lead towards Uphold’s expansion towards the mobile market, as more and more cryptocurrency exchanges are now focusing on providing solutions that prove to be more accessible to their users on the go.
Elaborating on the key points from the acquisition, Uphold mentioned that it will be utilizing collective technologies of its own and those of Cortex’s, to expand its operations to Mexico and Latin America, while also working on a new payments feature that would comprise of fiat and cryptocurrencies.
Uphold further mentioned that it will be using new digital verification functions and will work on ensuring that it provides top-notch security to its users.
It was also revealed that Cortex’s founder, Shaunt Sarkissian, will now spearhead Uphold’s payments team.
In a released statement, Sarkissian mentioned that this would certainly allow Uphold to expand as it planned since the firms’ collective technologies and infrastructure would bring together an unsurpassed level of service for its users.
“We are thrilled to be part of the Uphold team and journey, and look forward to the great things we will accomplish together.” He stated.
While Willian Dennings, Uphold’s COO, had similar comments.
He mentioned that the technologies which Cortex brings to the table, such as its “closed loop payment,” would greatly help in enhancing the functionality and security of Uphold’s own platform.
“It additionally brings new commercial offerings and opportunities to our enterprise division, Uphold Solutions.” He concluded.
Details of the previously obtained investment for Uphold
The investment of $57.5 million mentioned at the start of this post came to Uphold from Greg Kidd, who besides being an early investor in Twitter and Coinbase, also worked for Ripple as a chief risk officer for two years.
It had been reported at the time of the investment that Uphold will receive 20 percent of the investment in cash to be used for funding its own research operations.
This move seems like a part of that research and points towards Uphold’s focus to obtain its outlined objective, which is a very positive thing, as it shows that the Uphold team is on track and might prove to be very capable in the future at the level that it is aiming to play with bigger exchanges.
All in all, it spells good news for the cryptocurrency community, as healthy competition between cryptocurrency exchanges could very well mean better services for their customers.